White River Capital – RVR – To Be Acquired by Parthenon Capital Partners
NYSE: RVR) and Parthenon Capital Partners, a Boston and San Francisco based private equity firm announced the signing of a definitive merger agreement pursuant to which an affiliate of Parthenon will acquire White River and its wholly-owned subsidiary Coastal Credit, L.L.C. in a merger transaction between the Parthenon affiliate and White River. Under the terms of the merger agreement an affiliate of Parthenon, in which Parthenon’s partner, OP Trust, is an investor, will acquire all of the outstanding shares of White River common stock in an all-cash transaction for an aggregate deal value of approximately $79.5 million or $21.93 for each share of White River common stock, subject to certain adjustments as more fully described in the definitive merger agreement.
White River’s Chairman and CEO, John M. Eggemeyer, stated, “Bill McKnight has done an incredible job building Coastal Credit into one of the leading sub-prime auto finance companies today. We are pleased that we have been able to enter into an agreement that is good for our shareholders while at the same time being positive for our employees and customers.” Bill McKnight, CEO of Coastal Credit, also stated, “We are very excited to be partnering with Parthenon, a firm with an outstanding reputation, valuable industry insight and capital that will enhance our ability to grow the business.”
Brian P. Golson, Managing Partner at Parthenon said, “After 10 years of effort in the industry and an intense 3 year search for the right partnership in the sub-prime auto finance sector, we’re thrilled to partner with Bill McKnight and the Coastal Credit executive team to aggressively grow the company. Coastal is poised to build upon its leadership position in the auto finance marketplace.” Andrew Dodson, Partner at Parthenon, also remarked, “We are impressed with the team at Coastal Credit and their remarkable 25 year track record of excellence. We look forward to assisting the company as it continues to build its franchise nationally.”
About White River (RVR) and Coastal Credit
White River (RVR) is the holding company for Coastal Credit LLC. Coastal Credit LLC founded in 1987, is a specialized auto finance company. RVR is headquartered in Virginia Beach, Virginia. RVR is engaged in acquiring sub-prime auto receivables from both franchised and independent automobile dealers which have entered into contracts with purchasers of typically used, but some new, cars and light trucks. Coastal Credit then services the receivables it acquires. Coastal Credit commenced operations in Virginia in 1987 and conducts business in 27 states – Alaska, California, Colorado, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Mississippi, Missouri, Nevada, New Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia and Washington – through its 14 branch locations.
About Parthenon Capital Partners
Parthenon Capital Partners is a leading mid-market private equity firm based in Boston and San Francisco.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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